The micro turbines market is estimated to be USD 159.7 Million in 2017. It is projected to grow at a CAGR of 9.46%, from 2017 to 2022, to reach a market size of USD 251.0 Million by 2022.

The growing demand for clean energy, accompanied by aging grid infrastructure, has led to the growth of the micro turbines market. The burning of conventional energy sources such as petroleum and coal has been identified as the major cause of global warming. The use of micro turbines releases very little emissions as compared to fossil fuels in terms of the concentrations of sulfur oxide and nitrogen oxide. Government initiatives for greener solutions, investments by financial institutions, growing demand for reliable power, and easy availability of fuel are driving the growth of the global micro turbines market during the forecast period.

The report segments the micro turbines market based on application into combined heat and power (CHP) and standby power. The CHP application is the fastest growing market for micro turbines. However, the demand for standby power is also increasing rapidly. Based on end-user, the micro turbines market has been categorized into industrial, commercial, and residential. The industrial micro turbines market was the largest in 2016. The industrial segment includes the oil & gas, information and communications, and construction sectors. The micro turbines market, by power rating, has been categorized into 12-50 kW, 50-250 kW, and 250-500 kW.